1. Citigroup Inc., the world's biggest financial-services firm by market value, raised 1.45 trillion yen ($12 billion) in Japan's largest syndicated loan to fund its purchase of Nikko Cordial Corp.
2. The loan will enable Citigroup, to complete the 920 billion yen investment and raise its stake by purchasing more shares. It wants to purchase more shares in Nikko Cordial. It may seek to control two thirds of Nikko Cordial so it can make merge or sell units without the consent of other shareholders.
3. Gaining control of Nikko will give Citigroup 109 branches in the world's second-largest economy, narrowing a gap with Mitsubishi UFJ Financial Group, Japan's biggest bank. 4. The takeover will also enable it to expand investment banking operations in Japan through its joint venture with Nikko, as well as offer services such as wealth management to Nikko customers, who have a combined 40 trillion yen of assets.
I'm on top of the world looking down on creation for as many financial services companies I can subsume for growth and synergies.
[Click here for full story at: BLOOMBERG.COM]
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